Rumble Inc. (RUMBW)
Rumble runs two different businesses that happen to sit inside one company. The first is a website where people upload and watch videos — something like YouTube, but smaller and with different rules about what content is allowed. The second is a cloud-computing service that rents computing power to cryptocurrency miners and other people who need lots of raw processing capacity. The company makes money by selling ads next to videos and by charging miners for the right to use its computer servers. It is funding growth by reinvesting earnings and raising money from investors who believe video platforms and cryptocurrency infrastructure will both grow.
The video business: how it works and who pays
Rumble’s video platform is where people post videos and watch videos from other people. The site is free to users — you do not pay to watch. Instead, Rumble sells advertisements. When you watch a video, you see ads before it starts or within the stream. The creator of the video gets a cut of that ad revenue, and Rumble keeps the rest. This is the same model YouTube uses.
The advantage Rumble offers creators and viewers is different moderation rules than YouTube. YouTube removes videos for violating content policies around misinformation, political speech, and other topics, and it demonetizes creators whose content falls afoul of those rules. Rumble pitches itself as a less-restrictive alternative where more kinds of speech are allowed. Some creators have moved to Rumble after being removed from YouTube. Some viewers use it because they feel YouTube is censoring content they want to find.
By the end of 2025, Rumble had 52 million monthly active users — people who visit at least once a month. That is a real audience. YouTube has over two billion monthly active users, so Rumble is a fraction of YouTube’s size, but 52 million is large enough to matter. The company crossed $100 million in annual revenue in 2025, which is a milestone: it means the business produces enough cash from ads to pay for servers, staff, and development.
This revenue matters for survival, but it does not yet make Rumble profitable. Running a video platform is expensive. You need servers in many countries so videos load quickly. You need teams to remove illegal content (child abuse, etc.) and handle copyright claims. You need people working on the software to improve performance and add features. Those costs are substantial, and they grow with the audience.
The cloud business: mining and beyond
Rumble also sells computing capacity. A cryptocurrency miner is someone who runs specialized software on powerful computers to solve math problems and earn Bitcoin or other digital currency. These miners need a lot of computing power, which costs money in electricity and hardware. Rumble set up servers that miners can rent rather than owning computers outright. Miners pay Rumble to use those servers. This business is much higher margin than advertising because the cost to set up and run the servers does not scale linearly with usage — one good server can serve many miners, and the energy cost is more or less fixed.
Rumble’s cloud business also serves non-mining use cases — companies doing artificial intelligence training, scientific computing, or other work that needs a lot of processing power. This diversification matters because it means Rumble is not dependent solely on cryptocurrency popularity. When Bitcoin crashes, miners have less incentive to pay for computing capacity, but Rumble still has revenue from other users.
The company announced a transformative acquisition in late 2025 that would substantially grow its computing infrastructure business. The details are still coming into focus, but the direction is clear: Rumble wants to be a serious player in the cloud-computing market, not just a sideline to the video business.
Cash flow and capital allocation
Rumble crossed $100 million in revenue during 2025. The company is not yet profitable, which means expenses still exceed revenue. But for a scaling business with a clear revenue model, the path to profitability becomes visible once revenue is above a certain threshold — usually somewhere in the $100 million to $500 million range, depending on the business.
The company has not raised massive amounts of equity capital, which is unusual for a tech company. Instead, it has been funded by people who believe in the core idea — a less-restricted video platform and a cloud business that serves industries YouTube and Amazon are less interested in. The lack of heavy venture backing means there is less pressure to scale at all costs and more tolerance for building profitably.
Management has indicated that the video business and cloud business are designed to feed each other. Ads on the video side generate cash. That cash funds server development and expansion on the cloud side. A larger cloud business generates costs savings and margins that reduce the pressure on the video advertising business to turn profitable. The two businesses together create a platform that is harder to compete with than either business alone.
What matters going forward
The key metric to watch is whether revenue keeps accelerating. If Rumble can grow to $200 million or $300 million in annual revenue, then the underlying economics become much clearer. A video platform at $100 million revenue is still small enough to fail if growth slows. A platform at $300 million is harder to kill.
The second metric is whether the cloud business actually becomes a meaningful profit contributor. If the acquisition the company announced materializes and integrates successfully, and if cryptocurrency mining or AI training continues to drive demand for raw computing power, then Rumble has a high-margin business that can subsidize the more expensive video platform.
The third thing to watch is whether regulatory pressure increases. Video platforms face pressure from governments around the world about moderation, privacy, and content rules. YouTube handles this by being huge and complying aggressively with requests. Rumble is smaller, which is an advantage in some ways (fewer regulators notice you) but a disadvantage in others (you cannot afford a massive compliance team). If a major government moves to block Rumble or demand it moderate content the way YouTube does, the entire business model is at risk.